"Apple Inc reported quarterly revenue that slightly missed Wall Street expectations as sales of its flagship iPhone came in below target, sending its shares down more than 4 percent. The world's largest technology company shipped 47.8 million iPhones, lower than the roughly 50 million that Wall Street analysts had predicted. Sales of the iPad came in at 22.9 million in the fiscal first quarter, about in line with forecasts." I'll leave the financials to the experts, but one thing that stood out to me: Apple sold 4.2 million Macs, almost a million below expectations. How much of a future does desktop computing have at Apple? Update: The NYT/Reuters changed the title during the night. Fixed it.

The results are clearly not bad by any stretch of the imagination. I suspect part of the problem is that Apple relies on it's growth to generate value in it's share price and Wall Street only cares about that too, rather than paying dividends to it's shareholders (In fact, they never did once under Steve Jobs, AFAIK).

Apple has had another stupidly successful quarter in terms of earnings and profits. It's not as stupidly successful as in the past but so what.

The Mac's results are interesting, but you can't take that out of the context of the entire Desktop/laptop industry. When you consider that, Apple is still doing far better than most!

In terms of share price, I thought Apple has been overvalued for some time now, but what do I know...